You have $20. With that $20, you can either put gas in your car, take a date to the movies, or buy new clothes. You cannot, however, do all three choices. Your first choice for the use of the $20 is to put gas in your car. Your second choice is to take a date to the movies. Your third choice is to buy new clothes. The opportunity cost for using the $20 to put gas in your car is

You have 12 hours available for study (homework, test preparation, work on school project), relaxation (watching TV, spending time on Facebook, etc.), and sleeping between when you get home on a school day and when you must get up for school the next day. When you are considering spending an extra hour studying instead of using that hour for sleep or relaxation, you are illustrating the principle of

Which of these statements is descriptive of a market economy?

Opportunity cost refers to

Which of these is an accurate statement about mixed economies today?

A nation’s leaders must decide whether to spend money on the military or on funding safety net programs. What do economists call this type of choice?

The desire to have some good or service and the ability to pay for it

When producers offer more of a good as its price increases and less as its price falls, this defines the

The willingness and ability of a producer to make a product is referred to as

A situation in which a minimum price is set is referred to as

A situation in which a maximum price is set is referred to as

Firms in this kind of market produce goods that are very close substitutes.

Which of the following is an example of a positive externality resulting from an outdoor band concert?

An Economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume.

Which of the following is the definition for Franchise

Which of the following is the definition for Partnership?

Which business type makes up approximately 75% of all businesses?

The negotiation of wages and other conditions of employment by an organized body of employees

An organization of workers dedicated to protecting members' interests and improving wages, hours and working conditions for all.

Training and experiences is considered

What is the price for labor

Practice of contracting with an outside company to provide goods or services

The practice of foreign companies establishing operations in, and therefore bringing jobs to the United States.

Which category of labor usually receives the lowest wages?

Which category of labor requires workers to operate complex equipment and machinery?

(Click all that apply)

The civilian labor force is made up of...

Your health, skills, education and abilities are just some of the things that make up your...

A yard and lawn landscaper requires enough mechanical skill or training to run a lawn mower. This type of job falls under the category of...

A carpenter is able to operate complex machinery and can perform their job with little supervision. This type of job falls under the category of...

A computer programmer writing software has the highest levels of education. This type of job falls under the category of...

What can affect the labor force?

The transfering of work from a specific area of the company ( e.g. accounting, manufacturing) to an outside supplier, which can be done to a company that is located in the home country or anywhere else is called______.

Moving operations from the country where a company is headquartered to a country where pay rates are lower and the necessary skills are available.

Employees who work with information or who develop or apply information in the workplace

Employees that are employed for limited amounts of time

A(n) ___________________ is a wage rate that results in neither a surplus or a shortage of qualified workers

Non-wage compensations offered to workers in addition to their pay

A ___________________ tax is one that takes the same share of income at all levels

A _________________ tax is a tax that takes a larger share of income as income increases.

A _______________ tax is a tax that takes a smaller share of income as income increases

The _____________________ is a form of payroll taxes.

In Michigan, the ____________________ is 6% that you pay on top of the purchase price of goods and services.

The largest business tax is the ______________________, which is applied to the profits of corporations

__________________ are typically levied on goods and services that the government wants to regulate, like cigarettes and alcohol. They are also called "sin taxes"

___________________ are levied on the sale of luxury goods, such as private jets.

The price you pay to cross the Mackinac Bridge or to enter a National Park is considered a(n):

The federal government imposes an _________________ on assets left to heirs of someone who dies.

_______________ is the idea that the tax system should be fair.

The _______________ is the thing that is taxed, such as personal income.

The _______________ is the percentage of income that is taxed.

This agency oversees the testing and approval of drugs before they go on the market.

This agency insures nearly all bank deposits for up to $100,000 per depositor.

This agency sets safety and health standards for industries to ensure worker safety.

_____________________ are spillover effects (positive or negative) that result from production or consumption and are costs or benefits that affect someone other than the producer or consumer of a good or service.

The ______________________ is the percentage of households in America whose incomes fall below the poverty threshold.

The __________________ is the total amount owed by a nation's government as a result of borrowing.

The __________________ is the shortfall between tax revenues and government expenditures in a given year.

________________ spending is spending that is fixed by law, such as paying interest on the national debt and paying for Social Security

________________ spending is spending that is made up of expenditures that may be raised or lowered as Congress sees fit. The biggest chunk of this spending goes towards funding national defense (the military).

This form of economics focuses on the decision making of individuals, households, and firms

This form of economics focuses on the workings of the economy as a whole

_______________ is the percentage of the labor force that is seeking work

When an economy reaches ______________________, jobs exist for everyone who wants to work, even though a percentage of those jobs and workers will not yet have been matched together